EMGS : EMGS awarded major 3D EM contract

EMGS : EMGS awarded major 3D EM contract
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has been
awarded a contract worth approximately USD 100 million by one of the world's
largest oil companies.
It is expected that 3D electromagnetic (EM) data acquisition will start in
early September 2013, following mobilisation of the vessel BOA Galatea in the
second half of August.
"We are delighted to have won this contract which provides us with a
substantially improved order book," said Roar Bekker, CEO of EMGS. "Today's
contract award, which is the third largest within marine EM, is an endorsement
of our operational and technological capabilities. More importantly, it
confirms the value of integrating 3D EM data in the exploration workflow. We
look forward to further developing our relationship with this repeat
customer."
The customer has indicated that the contract will be formally finalised and
signed within approximately three weeks.
Contact
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for offshore
hydrocarbons. EMGS supports each stage in the workflow, from survey design and
data acquisition to processing and interpretation. The company's services
enable integration of EM data with seismic and other geophysical and
geological information to give explorationists a clearer and more complete
understanding of the subsurface. This improves exploration efficiency, and
reduces risks and the finding costs per barrel.
EMGS has conducted more than 700 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates
on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston,
USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more
information.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: EMGS via Thomson Reuters ONE
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